Banks are consolidating one after another. Here is some important news about bank mergers that you may not have known.
Banks do not consider their impact on every type of client when they evaluate joining or acquiring a smaller financial institution. There are so many ways that a bank merger can impact the small and medium sized businesses; sometimes it is the cost of experience or customer service, but most often it is a change in fees, rates and policies.
• Have you been automatically assigned the policies of the new bank?
• Did your rate go up?
• Do you now pay new fees that you didn’t incur from your former bank?
Here is something we shared with our latest clients about the Global Pay/Heartland acquisition. The new Global Pay terms can be imposed on existing contracts in the Heartland portfolio…but not without action.
Our client was being asked by their current Heartland rep, the person whom they trusted to join Heartland’s programs, to sign a new contract for 2 years. The contract had new fees, less services and would end up costing them more in the long run.
They happened to ask me about it. So, I looked at the paperwork just to reassure them that this was an opportunity to exit their current Heartland contract – without penalty – and no obligation to join the Global Pay network.
I want you to know this, too. You can and should stand up for your rights. Deny a new contract if you don’t like the terms.
Merging banks cannot force anyone from the acquired bank to accept – blindly – and start paying new fees.
If you have experienced a recent bank merger, maybe this is your opportunity to change, even if you were in a long-term contract before.
Take advantage of this opportunity. Now is your chance to change.
~ Mary Ann
PS Also, may I remind you that we never have a contract term. Oh, right; I just did.